ImmunityBio reported preliminary net product revenue of $38.3 million for the quarter ended December 31 2025, a 20% increase from the $31.8 million reported in Q3 2025. The jump represents a 431% year‑over‑year rise, as Q4 2024 revenue was only about $7.2 million, underscoring the rapid scale of its flagship product.
ANKTIVA, the company’s IL‑15 superagonist approved for BCG‑unresponsive non‑muscle‑invasive bladder cancer, accounted for 99.6% of total revenue. The drug’s commercial launch has accelerated in the United States and abroad, and recent approvals in Saudi Arabia for bladder and lung cancer have broadened its addressable market. Management highlighted that expanding patient access and growing prescriber adoption are the primary drivers of the revenue surge.
Gross margin remains exceptionally high, with a reported 99.6% margin for the quarter, but the company warns of compression as production scales and contract‑manufacturing costs rise. The negative EBITDA margin reflects the heavy operating expenses that accompany early‑stage commercialization. Cash burn remains significant, with $242.8 million in cash, cash equivalents, and marketable securities on hand at the end of 2025, indicating the need for continued capital to support growth.
Analysts had expected Q4 revenue of $35.99 million; the actual $38.3 million beat consensus by $2.31 million, or roughly 6.4%. The beat reflects stronger-than‑anticipated prescriber uptake and a higher mix of high‑margin sales, offsetting the impact of increased manufacturing costs. Management’s guidance for the next quarter remains unchanged, but the company signals confidence in sustaining momentum while managing margin pressures.
Management emphasized that the company is focused on scaling ANKTIVA’s commercial footprint, controlling costs, and maintaining a robust cash position to support ongoing development and market expansion. The outlook remains positive, with expectations of continued revenue acceleration as the product gains broader adoption and regulatory approvals extend into new indications.
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